DSV CEO Jens Bjørn Andersen said 2020 was a strong year for DSV Panalpina despite the pandemic and unpredictability throughout the year.

“Thanks to an extraordinary effort by our staff, we delivered excellent results across all our divisions and markets,” he said.

“We completed the Panalpina integration and achieved an operating profit before special items of 9520 million Danish Krone ($2 billion), which is a significant increase of 47% compared to 2019. 2021 will be another challenging year, but with our strong and flexible business model and the right people on board, we will make sure to keep our customers’ supply chains flowing.”

For Q4 2020, revenue amounted to 31,716 million DKK ($31.7 billion) up from 30,122 million DKK in Q4 2019. The growth of 10.5% (in constant currencies) was mainly driven by increased freight rates. Q4 2020 is the first quarter with full impact of the Panalpina acquisition on comparative figures.

For Q4 2020, gross profit came to 7,212 million DKK ($7.5 billion). The growth in gross profit came to 6.6% (in constant currencies) for the group and was driven by good performance in all three divisions.

EBIT before special items was up by 54.6% (in constant currencies) to 2,616 million DKK ($552 million) for Q4 2020 (Q4 2019: DKK 1,784 million). All three divisions contributed to the growth, which was supported by strong cost discipline and the impact from Panalpina integration synergies.

EBIT before special items is expected to be in the range of DKK 10,500 to 11,500 million. ($2.2 billion to $2.4 billion).

The company said its 2021 outlook assumes a stable development in the markets in which it operates and a continued and gradual recovery of the global economy after the COVID-19 crisis.

DSV acquired Panalpina in a deal that was finalised in August 2019.